What is USPAP and what are its standards?

USPAP, the Uniform Standards of Professional Appraisal Practice, is the generally recognized set of ethical and performance standards for the appraisal profession in the United States. Authorized by Congress in 1989 under FIRREA, it contains standards for real estate, personal property, business valuation, and mass appraisal. State-licensed and state-certified appraisers must comply with USPAP when performing appraisals for federally related transactions, and the standards are enforced by the states.

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